caret-down

Campbell Soup Company Makes Strategic Investment in Chef’d

Chef’d, a leading online meal store, provides an innovative platform
that advances Campbell’s e-commerce capabilities

CAMDEN, N.J. & EL SEGUNDO, Calif.–(BUSINESS WIRE)–May 24, 2017–
Campbell Soup Company (NYSE:CPB) today announced a strategic partnership
and investment of $10 million in Chef’d, a best-in-class e-commerce meal
marketplace, which will help grow Campbell’s e-commerce capabilities.
Campbell’s investment is part of the Series B round of funding for
Chef’d.

This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170524005379/en/

With the investment, Campbell will become Chef’d’s largest strategic
investor and will receive a seat on the company’s board of directors.
Under the terms of the partnership, Chef’d will help with infrastructure
and distribution of meal solutions through the Campbell’s
Kitchen
site. Additionally, Campbell will benefit from Chef’d’s
insights on e-commerce business models, access to data analytics and
insights on shopper behaviors. The two companies will also test various
capabilities over the three-year agreement around product innovation and
fulfilment.

“E-commerce will transform the food industry in similar ways to how it
transformed entertainment and apparel. It is a game changer for
consumers, food makers and retailers alike,” said Denise Morrison,
President and Chief Executive Officer at Campbell Soup Company. “The
movement is irrevocable and irreversible. In the future, shopping for
and preparing meals will be flexible, fully automated and even
anticipatory. Chef’d will help Campbell connect with our consumers where
they are today and, more importantly, where they’re headed.”

Chef’d offers people the opportunity to choose and reorder from hundreds
of meals at any given time, without the hassle and cost of subscriptions
or membership fees. Chef’d partners with notable chefs, culinary
personalities and over 125 trusted brands in food, fitness, and health
and wellness to offer over 1,000 meal solutions spanning breakfast,
lunch, dinner and dessert.

“We are actively looking to add strategic partners and Campbell’s
outlook on the future of food and e-commerce aligns perfectly with the
Chef’d vision of the future of online grocery,” said Kyle Ransford, CEO
at Chef’d. “Both Campbell and Chef’d believe in continuing to drive
innovation in the new food economy, particularly around consumer
customization and e-commerce solutions.”

Between 2016 and 2021, Campbell projects e-commerce sales of food and
beverages to reach $66 billion, a compound annual growth rate of 38
percent.1

“We are fully committed to growing our e-commerce business with an
emphasis on bold moves and rapid pace,” said Mark Alexander, President,
Americas Simple Meals and Beverages at Campbell. “We are firm believers
in building relationships with partners that share our vision while
enabling us to rapidly learn, evolve and test new capabilities.”

This announcement follows a series of moves Campbell has made to develop
an ecosystem of innovative partners focused on defining the future of
food. In February 2016, Campbell committed $125 million to Acre Venture
Partners and continues to support innovative start-ups such as Habit and
the Soulfull Project.

Other investors in Chef’d’s Series B round include Fresh Direct, which
is making a follow-on investment to their Series A investment. DA
Davidson & Co. acted as the exclusive financial advisor to Chef’d and
will continue to represent the company in raising the balance of the
Series B round.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our Purpose, “Real food
that matters for life’s moments.” We make a range of high-quality soups
and simple meals, beverages, snacks and packaged fresh foods. For
generations, people have trusted Campbell to provide authentic,
flavorful and readily available foods and beverages that connect them to
each other, to warm memories and to what’s important today. Led by our
iconic Campbell’s brand, our portfolio includes Pepperidge
Farm, Bolthouse Farms, Arnott’s, V8, Swanson, Pace, Prego, Plum, Royal
Dansk, Kjeldsens
and Garden Fresh Gourmet. Founded in 1869,
Campbell has a heritage of giving back and acting as a good steward of
the planet’s natural resources. The company is a member of the Standard
& Poor’s 500 and the Dow Jones Sustainability Indexes. For more
information, visit www.campbellsoupcompany.com
or follow company news on Twitter via @CampbellSoupCo.
To learn more about how we make our food and the choices behind the
ingredients we use, visit www.whatsinmyfood.com.

About Chef’d

Headquartered in El Segundo, Calif., Chef’d is an e-commerce meal
marketplace that partners with celebrated chefs, media outlets and
culinary influencers to offer thousands of meal solutions that make it
easy for anyone to cook high-quality meals at home. Launched in late
April 2015, Chef’d was created to help consumers rethink the home-cooked
meal by offering fresh, pre-portioned ingredients that aim to eliminate
food waste and in turn cut consumer grocery costs, all without the
hassle of subscription or membership fees. This allows consumers to
personalize their orders and reorder their favorites whenever they want.
Follow on Twitter @get_chefd and Instagram @Chefd.

1 Source: Proprietary Campbell Estimate

Source: Campbell Soup Company

Campbell Soup Company
Megan Haney, 856-342-4978
[email protected]
or
Coyne
Public Relations
Kim Riccardi, 845-551-7450
[email protected]